Building Products Distributor CEO Cuts Salary to $1 Per Month Amid Virus

According to a Sunday 8-K filing with the SEC, the CEO of a large, Georgia-based building products distributor will cut his monthly salary from $70,833 per month to $1 per month amid the COVID-19 pandemic.

LewisThe Form 8-K states that BlueLinx Holdings president and CEO Mitchell Lewis is voluntarily taking the six-month pay slash from his annual base salary of $850,000 to help mitigate the virus’ potential impact on the company’s business and industry and the economy in general.

Lewis’ pay cut will start April 1 and may be extended beyond six months at his election.

Lewis, 57, has been president and CEO of BlueLinx since 2014 and has held leadership positions in the building products industry since 1992.

BlueLinx, based in Marietta, GA, is a wholesale distributor of building and industrial products with more than 2,200 employees. The company distributes products to more than 15,000 dealers, and had 2019 total sales of $2.6 billion.

BlueLinx’ product portfolio includes siding & trim, molding & millwork, outdoor living, roofing, weatherization, engineered lumber, lumber, plywood & OSB, specialty lumber-flooring, industrial & decorative panels, and metal.